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Two massive pension funds are getting together to wage a proxy battle that would completely wipe out and rebuild Yahoo's Board of Directors at the company's meeting tomorrow, but it's time to get real — they probably won't get what they want. At least not exactly.

Sarissa Capital, which happens to be the largest stakeholder in Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA), is now looking to shake up the company’s management structure and replace Chief Executive Officer Harvey Berger.
Sarissa won a seat on the company’s board last year. The hedge fund now seems well on its way to initiate a proxy war within the next couple of weeks, if Ariad does not buckle down to Sarissa’s demands, said a person familiar with the matter.

HALIFAX — A dissident group of shareholders seeking three seats on the Sherritt International board of directors believes chief executive David Pathe needs to be replaced.
The dissidents led by investment firm Clarke Inc. say costs are up and the share price has fallen since Pathe took the helm of the mining company at the beginning of 2012.
Dustin Haw, vice-president investments at Clarke, said the dissident group would recommend the board form a committee to find a new chief executive immediately.

Bill Ackman is back. The billionaire activist investor's latest target Air Products said this morning that it's looking for a new CEO. Three new independent directors are also joining the industrial gas product maker's board. Ackman's Pershing Square Capital has already agreed to vote in favor of them.

MONTREAL – Rona Inc. is paying its former chief executive officer a $4.5-million severance after repudiating his growth-at-all-cost strategy that resulted in six straight years of earnings declines.
Canada’s largest independent home improvement chain dismissed Robert Dutton on Nov. 8, 2012 after large shareholders fed up with the company’s anemic return on capital pressed the board to make a management change.

TORONTO — Sherritt International Corp. won a convincing victory in its proxy battle with George Armoyan on Tuesday, but the activist investor insists he is not selling his shares and going away.
Mr. Armoyan earned a round of applause at Sherritt’s annual meeting in Toronto after stating that the company has good potential and is making progress in realizing shareholder value. It was a subdued speech by his standards that cast aside the bad blood from the proxy fight.